Update on Tax Prorations

Effective October 1, 2014,
the Bexar County Tax Assessor-Collector’s Office
will begin sending out bills for the 2014 Property Taxes
All through the year when you close on a purchase or sale of real estate, differing amounts of funds are credited or debited to your account. This can make a big difference as to how much money you will need to bring to title at closing.
According to Alamo Title, beginning October 1st, title companies will begin collecting the taxes for the ENTIRE year from the Seller! The prorations on the HUD-1 settlement Statement will now “flip” from Buyer to Seller!
If a closing takes place on November 10, 2014, taxes will be collected from the Seller, and the HUD I will show a credit to the Seller from the Buyer from November 10th thru December 31st.